Shareholders of Tumi (NYSE:TUMI) will unload more than 10 million shares in an underwritten secondary stock issue. In total, 10.14 million shares will be offered, and the underwriters have been granted an option to purchase an additional amount of roughly 1.5 million.
In the press release announcing the move, Tumi stressed that it won't receive any of the proceeds from the issue. It didn't specify the pricing or timing of the offering.
Goldman Sachs and units of Credit Suisse and JPMorgan Chase are the joint book-running managers of the issue, while William Blair and Jefferies are its co-managers.